Charles River Laboratories International, Inc. Builders FirstSource, Inc. Channel Up. Rexford Industrial Realty, Inc. Fusion Pharmaceuticals Inc. Biotechnology Canada Pretium Resources Inc. Gold Canada 1. Channel Down. AdvanSix Inc. Chemicals USA Double Top. NexPoint Residential Trust, Inc. Multiple Top. Applied Therapeutics, Inc. PaySign, Inc. Spartan Acquisition Corp.
Double Bottom. Vroom, Inc. Multiple Bottom. Puma Biotechnology, Inc. Desktop Metal, Inc. Computer Hardware USA 3. Cementos Pacasmayo S. Building Materials Peru Stock futures open slightly higher. Major news.
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Apple Inc. Consumer Electronics USA Internet Retail USA Tesla, Inc. Auto Manufacturers USA Pfizer Inc. ViacomCBS Inc. Chewy, Inc. DraftKings Inc. Gambling USA Clover Health Investments, Corp. Healthcare Plans USA 3. Lululemon Athletica Inc. Apparel Retail Canada Discovery, Inc. AbCellera Biologics Inc.
Biotechnology Canada 7. Butterfly Network, Inc. Medical Devices USA 2. Danimer Scientific, Inc. Specialty Chemicals USA 2. Seer, Inc. Biotechnology USA 2. Silverback Therapeutics, Inc. Kinnate Biopharma Inc. Vaxcyte, Inc. FactSet Research Systems Inc. Academy Sports and Outdoors, Inc. Specialty Retail USA 2. Cullinan Oncology, Inc. Forma Therapeutics Holdings, Inc. PVH Corp. Apparel Manufacturing USA 6. Atea Pharmaceuticals, Inc. Biotechnology USA 4. IGM Biosciences, Inc. Phreesia, Inc. Hydrofarm Holdings Group, Inc.
Xylem Inc. Easterly Government Properties, Inc. GoodRx Holdings, Inc. DigitalOcean Holdings, Inc. Software - Infrastructure USA 4. Digital Media Solutions, Inc. Advertising Agencies USA Do you know the difference between a countertrend signal and a trend signal? Do you understand the concept and timing of buying strength and selling weakness? Do you know that as an end-of-day trader, your risk-to-reward ratio is much more favorable than that of a day trader?
Do you understand the difference between a leading and a lagging technical indicator and know how and when to employ them? These are basic lessons you need to know, and if you do not have them hardwired into your head, you very likely will not succeed at trading. Your success will depend on how seriously you take yourself and trading. The key in many top-earning professions is repetitive practice. Why do you think professional athlete practices as much as they do? Why do you think a middle linebacker or a quarterback who makes millions of dollars a year practices basic footwork so often or why a concert pianist or violinist practices so often?
Conditioning is the answer. Professionals condition themselves to react physically the same way, every time, in various situations regardless of their emotions.
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What may take many years to learn lesson by lesson, with hours, then weeks, and then years of practice, can be executed simply and flawlessly without apparent effort when a professional is in the right place at the right time. We are going to give you the tools and the lessons you need and teach you how to recognize when the time and place are right for you to execute your trading plan.
Why should you think that you can learn to trade when so many people fail at it?
Before you picked up this book, the odds were only 1 in 10 that you would succeed. Regardless of how you answered this question, the more important question is, Do you really believe your answer? At the core of your being, do you believe you can learn to trade successfully? That question is the key, because until you possess a fundamental belief that you can do it, you will not have the nerve to take the risks you need to take at the times you need to take them to be a successful trader. Beyond the psychology of trading, we are here to teach you a trading method that once studied, back tested, and demo traded will give you the confidence to both analyze markets and execute trades successfully regardless of the underlying market conditions.
Becoming a successful trader gives you freedom. Once you prove this to yourself and become more comfortable with your new skills, there is virtually no limit to how much you can earn over the coming years. We are very confident in our teaching because of the experience that lies behind our method. It was money well spent. Over the years we have studied under some of the best trading instructors in the business and always have walked away with valuable knowledge.
Whether it was dismissing something that did not work for us or finding something that did, it was always worth the cost of the lessons. In we saw some of the most volatile markets ever in currency trading, but during that time Al had one of his best years and his most productive period ever—August to October —by using the methods outlined in this book. We feel very strongly that the currency markets constitute the best trading vehicle in the financial markets right now and will continue to do so. A currency pair trades or behaves like a stock pair, with those underlying interest rates acting as a dividend to traders holding the higher-yielding currency.
Though currency pairs trade or behave similarly to international stock funds, the cost is much, much lower and the overall risk is lower as well. With the leveling out of international markets by globalization and the increased level of competition this has bred, the growth of trading in the foreign exchange market—forex—is virtually assured as both professional and retail investors realize the advantages of this market over investing and trading traditional stocks, stock indexes, and securities markets.
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You will learn that to be a successful trader is to be a man or woman for all seasons. It means independence, but more than that it means having a quiet confidence in what the future holds. Well-rounded traders know they can make money regardless of the underlying fundamentals or overriding realities. The more volatile markets become—that is, the faster a market moves—the faster a trader can make money.
Equally, when a market slows down, a trader downshifts to countertrending methods. Regardless of the certainty or uncertainty of economic conditions, markets will move and astute traders will benefit. With so many experienced financial leaders and commentators pointing to a sustained recession for years to come, it is not a question of whether traders will be successful; it is a matter of how successful in light of the levels of economic uncertainty in the current financial marketplace.
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There is definitely a dark side to trading. People lose, and losing is stressful. Trading certainly can be stressful, but when it is taught in a supportive environment, studied thoroughly, and practiced on a regular basis, the decision-making process involved in trading can be a healthy development. The way to avoid the stress and ease the learning curve for as long as it takes, is to demo trade: open a practice or simulation account.
When you get to that point of consistency, you will have shown a level of patience and discipline that can pay handsome dividends not just in trading but in life. Before you venture too far into this book, we need to cover the physiological impact trading will have. Your nervous system is going to work against you as a trader. As part of our physical makeup, we all have what is called the autonomic nervous system, which regulates subconscious biological functions such as heartbeat, digestive processes, perspiration, and vision.
Within the autonomic nervous system are the sympathetic and parasympathetic branches. The sympathetic branch is what we rely on when we are angry or afraid. It is what increases our heartbeat and adrenaline flow during times of stress, making us literally jumpy. This physical change is also what we call the fight or flight response, which was useful 10, years ago when people lived in caves but today can make for a very tough learning environment.
The excitement of making seemingly easy money, followed, sometimes just seconds later, by fear of loss and failure will break most people down quickly. The emotional ups and downs we create in our minds, followed by the physical changes in our blood pressure and adrenal glands, make for a tough environment in which to learn and then retain knowledge.
The automatic fight or flight response hardwired into your head will work against you as a trader. There will be times when you click the mouse to enter or exit a trade and instantly ask yourself, Why did I do that? Before you get angry at yourself, realize that you are not the only trader who ever let emotion override logic. In fact, you are programmed to react that way. Luckily for us, along with the fight or flight function regulated by the sympathetic branch of the autonomic nervous system, there is the parasympathetic branch, which can have a calming effect on us and our bodies. It is this sympathetic branch that we want to stimulate as we are learning and studying trading lessons.
You will get the most out of this book by studying it in a relaxed and pleasant atmosphere. If you currently are trading, you should consider taking a break from it while you study this material. Learn what stimulates the sympathetic branch of the autonomic nervous system and engage in that activity before studying this material and again afterward. Get in the habit of taking care of your mind and body in this way until it is habitual. You will find that by taking the time to put yourself in a relaxed, meditative state before starting your day and again before quitting in the evening, you will remain much calmer and more focused than the millions of other people online who are risking their hard-earned money every day in the marketplace.
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Markets generally are classified by type. There are also commodities and derivatives markets, which feature financial products that are based on the underlying commodities and are traded on central exchanges such as the Chicago Mercantile Exchange.
The markets on which this book will focus are the financial markets, the foreign exchange market, or forex, in particular. Before beginning an investing or trading program, it is very important to understand the concept of risk versus reward. All investments carry some degree of risk; there is no such thing as a zero-risk investment. Higher potential rewards almost always are coupled with higher risk.
Figure shows an investment spectrum of low-risk and high-risk options. The markets this book will cover are considered a high-risk investment. We do not recommend a high-risk investment strategy for any money you cannot afford to lose. Risk can include factors, such as inflation and recessions, that affect the value of what you are holding. The methods we will be discussing apply to all markets, including stocks, bonds, futures, options, and forex.
Because of the liquidity of the international currency markets, the low cost of entry, and the advent of easy-to-use platforms and free charting packages, along with mini and micro contracts, most of the examples we give will be in the forex markets. Foreign currency trading on a retail level was the brainchild of Leo Melamed, chairman emeritus of the Chicago Mercantile Exchange, with encouragement from the economist and Nobel laureate Milton Friedman.
In the Chicago Mercantile Exchange started trading futures that were based on the exchange rate between the U. The name forex is an abbreviation for the words foreign exchange.